Vingroup invests US$96.5 million to break into pharmacy segment

Vingroup has just published on its website that it established Vinfa JSC and will spend VND2.2 trillion (US$96.5 million) to develop a pharmaceutical manufacturing and research centre in the northern province of Bac Ninh’s Gia Binh district. Accordingly, the first priority of the centre is studying and manufacturing oriental medicine remedies of Vietnamese origins to serve the domestic market and exports. Besides, Vinfa will manufacture healthy food, vaccines, and medical equipment meeting international standards. In addition, it will co-operate with partners from the US, Europe, and Australia to receive advice, technology, and import drugs to distribute in domestically. Vinfa’s facility will be equipped with the most modern equipment and manufacturing lines in order to optimise the capacity of the centre as well as ensure product quality. “Investing in the pharmaceutical manufacturing centre is part of the strategy to expand Vingroup’s operations in the medical sector with the aim of building a better life for Vietnamese people,” said Phan Thu Huong, chairwoman of Vinfa’s Board of Directors. According to the plan, the centre is expected to come into operation in the third quarter of this year. Vingroup is not the only enterprise setting foot in the pharmaceutical manufacturing sector. In March, at FPT’s annual general shareholders’ meeting, Nguyen Bach Diep, chairman of FPT Retail, announced plans to increase the Long Chau pharmaceutical chain to 400 units by 2022 with an annual average of 100 drugstore openings. In early 2018, electronics retailer Digiworld mapped out its road to conquer the Vietnamese consumer goods market…. [Read full story]